New Construction Ivy City Condos

[John Allevato]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $400,000
Cash invested: $600,000
Sale price: $1,465,000

Ground up new construction 2 unit condo's in DC's Ivy City Neighborhood.

What made you interested in investing in this type of deal?

Saw an opportunity for well constructed condos in this up and coming neighborhood.

How did you find this deal and how did you negotiate it?

Found it from a friend who does a lot of development in DC and this project was too small for the size of projects they work on.

How did you finance this deal?

New construction financing from a bank.

How did you add value to the deal?

Recent comps in the neighborhood

What was the outcome?

The nicest condos Ivy City offers.

Lessons learned? Challenges?

Building through covid was a challenge. It took us over a year to get the gas company to hook up the gas because of strikes and incompetancy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent and I do recommend other investors to work with me!